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Council approves supplemental budget fix to correct Business Oregon loan amortization
Summary
Finance Director Tammy Trowbridge presented a supplemental budget adjustment to correct amortization on a Business Oregon loan for the Nonparell water treatment plant; council approved Resolution 20 26.02 to allow additional principal payments and reflect the corrected schedule.
Finance Director Tammy Trowbridge told the council that Business Oregon's loan schedule had not been updated during prior high-inflation years, which left the city's budget reflecting an incorrect principal balance. "This fund adjustment was unforeseen at the time that the 25/26 budget was prepared," Trowbridge said, explaining the corrected amortization will allow the city to make appropriate principal payments.
Trowbridge said the original budget showed an anomalous total fund requirement because the additional principal payments would come out of contingency; the supplemental resolution corrects that presentation and permits the extra payment. Council moved, seconded and approved Resolution 20 26.02 by roll call.
